Abstract Alpha oscillations are a robust neurophysiological phenomenon associated with cortical suppression and synaptic input gating, functionally interpreted as a mechanism of selective attention. Here, we highlight known dissociations between alpha oscillations and selective attention that question the specificity of this interpretation. We postulate that the inconsistencies are accounted for when we consider alpha oscillations as a neurophysiological mechanism that tracks cortical excitability, but one that can be modulated by a multitude of factors that include but are not limited to selective attention and include bottom-up and top-down interactions, internal processes, and regulatory system influences on cortical excitability. Thus, reverse inference regarding the cognitive role of alpha modulations may depend on experimental context. Importantly, this perspective reiterates that there exists a significant need for research that disentangles the mechanistic bases of alpha oscillations across different cognitive phenomena.